COBS 2.5 Market Counterparties
(a) An Authorised Person may classify a Person as a Market Counterparty if:
(i) that Person is a "deemed" Professional Client; and
(ii) the requirements in Rule 2.5(b) have been met.
(b) An Authorised Person must, before classifying a Person as a Market Counterparty, ensure that such a Person has:
(i) been given a prior written notification of the classification as a Market Counterparty in relation to a particular Regulated Activity or Transaction, or in respect of all Regulated Activities and Transactions; and
(ii) not requested to be classified otherwise within the period specified in the notice.
(c) The notification in Rule 2.5(b)(i) need only be given to:
(i) in the case of a Fund, either to the Fund or its Fund Manager; and
(ii) in the case of a pension fund, either to such fund or its management company.